Second Quarter 2012 Results
For the quarter ended June 30, 2012, Full House reported casino, food and beverage, hotel and other revenue (other than management fees) of $27.4 million, up from $25.2 million in the prior-year period, primarily due to the addition of the Grand Lodge Casino on September 1, 2011 and partially offset by a $0.9 million decline in revenue from the Rising Star Casino Resort.
Operating expenses for the second quarter 2012 were $26.9 million compared to $25.0 million in the prior-year period, primarily due to the addition of the Grand Lodge Casino. The Company also recorded $0.3 million of stock compensation expense during the second quarter of 2012 compared to $0.1 million in the prior-year period.
Last year’s second quarter included approximately $5.9 million in management fees from GEM, which the Company sold in March 2012, and $0.7 million of income related to the Company’s Delaware management agreement which expired in August 2011, resulting in no contribution to revenue or income from GEM and Delaware operations in the second quarter of 2012.Operating income for the second quarter 2012 was $1.4 million, compared to operating income of $6.8 million in the prior-year period, due to contributions from GEM and the Delaware management agreement in the prior-year period, partially offset by income from the newly leased Grand Lodge Casino and the Buffalo Thunder management agreement. Adjusted EBITDA, as defined below, was $2.9 million versus $6.1 million in the prior-year period; excluding GEM and the Delaware management agreement, adjusted EBITDA in the prior-year period was $2.6 million. The Company reported net income attributable to the Company per common share of $0.04 and $0.08 for the three months ended June 30, 2012 and 2011, respectively. Excluding a $0.4 million gain on sale of joint venture of the Company’s interest in GEM and acquisition costs in the second quarter of 2012, the Company would have reported net income attributable to the Company per common share of $0.03 for the three months ended June 30, 2012.
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